Skip to main content

Orkla sells property in Russia

Orkla has sold its property in the centre of St. Petersburg in Russia for 470 million roubles (NOK 63 million). The buyer is a subsidiary of the Russian property developer Pioneer Group.

The property was carved out of Orkla Brands Russia prior to the sale of this company in January 2015, and is a former office and production facility which has been empty for the last year. 

After the sale, Orkla has only two remaining businesses in Russia; the nut company Chaka and the bakery and confectionery supplier Credin. 

As a result of the transaction Orkla will book a gain of NOK 33 million in the fourth quarter 2015.